The global healthcare cloud computing market is anticipated to be valued at $7.8 billion in 2025, and is expected to register a CAGR of 18.9% between 2017 and the end of the forecast period.
A report from Persistence Market Research says increasing demand for better healthcare facilities and rising investments by healthcare IT players are the major factors driving growth of the global healthcare cloud computing market.
To recap,’cloud’ refers to a technique in which data is permanently stored on servers and accessed by clients with the help of computers, sensors, laptops, and others, via the internet or closed network. ‘Cloud computing’, meanwhile, refers to a process which involves delivering hosted services to clients.
On that basis, Persistence Market Research segmented the market between public cloud, private cloud, and hybrid cloud. The private cloud segment accounted for highest market share and was valued at $2.5 billion in 2016.
The service model segment is segmented as Software as a Service (SaaS), Platform as a Service (PaaS), and Infrastructure as a Service (IaaS). The SaaS segment is poised to reach a value of $25.4 billion in 2025 and is the fastest growing of the three – registering a CAGR of 19.7% throughout the period.
The PaaS segment is the smallest with a low estimate of $360.3 million in 2017 and expected to reach $1.2 billion in 2025.
In terms of component, the software segment is projected to grow at a higher rate to register value CAGR of 19.2% throughout the period of forecast and is the largest segment in terms of value share – It is estimated to reach more than $21 billion by the end of 2025.